Re: NEW BofA Better Balance Rewards CC

Sounds like a good deal if you keep yourself organized to take advantage of it. Definitiely not a daily driver card, just something to keep in the arsenal to earn your lunch money for one month out of the year. The CL shouldn't really be a concern either since the only benefit is really just to trigger the $120 yearly cash back bonus. Subtract whatever minimum interest charge they might have ($2 likely) and you net around $96 a year.

Re: NEW BofA Better Balance Rewards CC

This card looks interesting. I'd be wary of them changing the terms if the card ends up not being profitable for them. It looks like someone can just buy a pack of gum every month pay it off and get the cash bonus.

Re: NEW BofA Better Balance Rewards CC

I just chatted with a CSR from BofA. Here's what I found out:

The minimum payment on your account is calculated as one percent of you rnew balance, total, plus new interest charges, and if applicable, any new late fees or transactions. It will never be less than $15 (unless your balance is less than $15)

Based on my calculations, unless you have a balance of over $1500, your minimum payment will change, but below $1500 (min. payment will be $15)

This card is only offered with a MasterCard association

Something about this card seems "too good to be true." which makes me a little weary about it, but I'll give BofA a call on Monday to see if I could PC to this BBB card instead of the Cash Rewards. I'm just curious to how BofA is able to pay $25 for each person that qualifies / meets the requirements..

Re: NEW BofA Better Balance Rewards CC

agent_bob wrote:

I just chatted with a CSR from BofA. Here's what I found out:

The minimum payment on your account is calculated as one percent of you rnew balance, total, plus new interest charges, and if applicable, any new late fees or transactions. It will never be less than $15 (unless your balance is less than $15)

Based on my calculations, unless you have a balance of over $1500, your minimum payment will change, but below $1500 (min. payment will be $15)

This card is only offered with a MasterCard association

Something about this card seems "too good to be true." which makes me a little weary about it, but I'll give BofA a call on Monday to see if I could PC to this BBB card instead of the Cash Rewards. I'm just curious to how BofA is able to pay $25 for each person that qualifies / meets the requirements..

Re: NEW BofA Better Balance Rewards CC

agent_bob wrote:

I just chatted with a CSR from BofA. Here's what I found out:

The minimum payment on your account is calculated as one percent of you rnew balance, total, plus new interest charges, and if applicable, any new late fees or transactions. It will never be less than $15 (unless your balance is less than $15)

Based on my calculations, unless you have a balance of over $1500, your minimum payment will change, but below $1500 (min. payment will be $15)

This card is only offered with a MasterCard association

Something about this card seems "too good to be true." which makes me a little weary about it, but I'll give BofA a call on Monday to see if I could PC to this BBB card instead of the Cash Rewards. I'm just curious to how BofA is able to pay $25 for each person that qualifies / meets the requirements..

Re: NEW BofA Better Balance Rewards CC

Since Quarterly Cash Rewards have a monetary value, you’re responsible for any tax responsibilities that may arise from receiving rewards. Please consult your tax advisor for details.

Hm. Could the rewards taxable?

It could be. Technically speaking this is not cashback (where it depends on transaction volume), but rather cash reward based on good payment behavior. I would imagine BofA probably will mail 1099-MISC to IRS and you.

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.